The improvement of the GDP, the increase in the working-age population, and the potential of India’s industrial sector are placing the Asian country on the right path to becoming the new China. The reduction of bureaucracy, the increase in infrastructure spending, and the establishment of trade relations with Spain open an interesting avenue for Spanish importers, who see India as a reasonable alternative to the Asian giant.
India is currently positioned as the world’s fastest-growing major economy, with a GDP that grew by 7.5% in 2016 compared to the previous year. This is coupled with relatively low inflation expectations, international confidence in its finances, and efforts by its prime minister to revitalize business growth. One indicator that India is taking off unstoppably is the growing demand for oil, similar to what occurred in China in the early 1990s.
The potential of India’s industry and agriculture makes it a viable alternative to China for importers. The technology, pharmaceutical, textile, and agricultural sectors are the most attractive for Spanish companies.
Although there is still a long way to go, India has set itself the economic challenge of following in China’s footsteps. While other emerging economies are seeing a slowdown in their economic growth, according to recent data from the International Monetary Fund (IMF), India’s growth is accelerating and already ranks third, accounting for 7.1% of the world GDP, just behind the United States and China.
Other factors favoring India include its vast wealth in natural resources, the use of English as a second language, which facilitates international trade relations, and the entrepreneurial spirit of its population.
Technology, Pharmaceuticals, Textiles, and Agriculture: Most Attractive Sectors for Importers
As an emerging economy with sustained and steady growth, India offers great future prospects for Spanish importers. The range of goods to import from India is very wide and at truly advantageous prices, making India a great opportunity for Spanish companies. The cost of its products is a significant factor, especially when compared to the same goods manufactured in Spain, which have much higher prices.
Regarding the most attractive sectors for importation, India excels in technology, with software, computer products, and mobile phones leading the way. However, it also offers many attractions in other types of industrial production, such as the pharmaceutical sector, textiles, jewelry, cement, iron, and steel.
As for the primary sector, India is the second-largest producer of fruits and vegetables, of which they have significant surpluses, making them major exporters of agricultural products. Food, in general, is one of their strengths. It is the largest producer of milk and has the second-largest cattle population in the world.
The Made in India campaign launched by the Indian government seeks investors to boost the export of its manufactures. Data indicates that India is increasingly assuming a more significant role as a driver of the global economy.
To profit from importing from India, it is necessary to compare suppliers and set profit margins by choosing the most interesting products. On our website, you can find detailed information and tips for buying and importing from India with Bull Importer.
